Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Drag the account types to form the expanded accounting equation. Begin the equity section with Contributed Capital + Retained Earnings. Then, identify whether the item

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Drag the account types to form the expanded accounting equation. Begin the equity section with Contributed Capital + Retained Earnings. Then, identify whether the item increases, '+ or decreases, equity. OOO Common Stock Cash Dividends Accounts Receivable Accounts Payable Revenues Expenses Uneamed Revenues Assets Liabilities Dragande Dracord here Draard here Draganes D Enter the missing value to balance the equation. = 25,000 + 22.000 26,000 + 3,000 17,000 29,000 = + 40,000 - 3,000 + 14,000 46,000 4,000 = 10,000 + 29,000 + 22,000 3,000 Identify the part of the expanded accounting equation for each account title. Equipment Common Stock Dividends Interest Expense Notes Payable Interest Revenue Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance), and "+" or ". Debit Normal Balance Credit Prepaid Rent common Stock Dividends + Insurance Expense Salaries (and Wages) Payable interest Revenue + + + + Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Liabilities 517.000 Beginning of Year 129.000 End of Year: 563.000 52.000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity Ending Equity 3) If the company issues common stock of 58.500 and pay dividends of 541,600, how much is net income foss? 4) If net income is $1,200 and dividends are 55,400, how much is common stock? Net income (Loss) Common Stock 5 if the company issues common stock of $17.900 and net income is 517.300, how much is dividends? 6) if the company issues common stock of 543,000 and pay dividends of $3,200. how much is net income Doss)? Odends Net Income (Loss)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Sustainability Of Public Sector EntitiesThe Relevance Of Accounting Frameworks

Authors: Josette Caruana, Isabel Brusca, Eugenio Caperchione, Sandra Cohen, Francesca Manes Rossi

1st Edition

3030060365, 9783030060367

More Books

Students also viewed these Accounting questions

Question

OUTCOME 4 Explain how labour relations differ around the world.

Answered: 1 week ago